EU Access to Finance Days
Are you a small company struggling to get finance for your projects? The 'EU Access to Finance Days' are here for you. These series of information events aim to promote EU financial instruments and introduce the new COSME programme dedicated to supporting SMEs.
During the EU Access to Finance Days, the Commission will introduce the new Competitiveness of Enterprises and SMEs (COSME) programme and invite financial institutions to become its intermediaries. COSME will largely continue the successful activities of the current CIP programme, but aims to respond even better to SMEs' needs, targeting the more vulnerable categories of small businesses that are currently underserved by the market.
The COSME programme which will run between 2014 and 2020, is the first ever programme of the European Commission exclusively dedicated to supporting SMEs. From 2014 to 2020, COSME will help to bridge the market gap in the provision of SME financing and to provide €3.5 billion of additional funding for SMEs each year.
The new programme is first and foremost an instrument that will improve access to finance for SMEs, support their internationalisation and improve their access to markets. 60% of COSME's estimated budget of €2.3 bn will be dedicated to financial instruments, providing guarantees and venture capital and encouraging the flow of credit and investment into the SME sector.
COSME support will be delivered to SMEs via reputable financial intermediaries in participating countries - such as banks, leasing companies, mutual guarantee societies or venture capital funds - in order to ensure that access is as close and as easy as possible.
It will provide a guarantee facility for SME loans up to €150 000, with a focus on SMEs that would otherwise have difficulty accessing finance, and an equity facility, which will stimulate the supply of venture capital, with a particular focus on the expansion and growth phase of SMEs. An effective partnership between EU institutions and market operators committed to providing enhanced access to finance for SMEs is a pre-condition for a successful roll-out of COSME.
In order to cater for the diversity of the SME financing market in Europe, COSME will only provide a framework, allowing financial intermediaries to create individual products that best suit the needs of SMEs in their particular market.
COSME will work in conjunction with Horizon 2020, the programme for research and innovation.
Events are being organised in all Member States starting in autumn 2013.
Invitations to the events will be sent to organisations representing SMEs, financial institutions and potential intermediaries of EU programmes, policy makers representing national and/or regional authorities, chambers of commerce, business associations, entrepreneurs.
Events will promote the use of the current and future EU financial instruments, disseminate best practice and improve the dialogue between the EU institutions and both SME and financing stakeholders.
For further information (and registration), please contact
National events in 2013 and 2014 will be announced in due course.
- Rome, Italy, 18 October 2013
- Vilnius, Lithuania, 5 November 2013
Launch event: Rome
Friday, 18 October 2013
09:00 - 17:30
Via Quattro Novembre 149
On 18 October 2013 Vice-President Antonio Tajani, European Commissioner for enterprise and industry will meet SME and SME finance stakeholders in Italy to introduce financial instruments of the Competitiveness of Enterprises and SMEs (COSME) programme - EU landmark initiative to support access to finance by small and medium-sized enterprises from 2014 to 2020.
COSME is expected to help to bridge the market gap in the provision of SME financing and to provide €3.5 billion of additional funding for SMEs each year
At the meeting in the premises of the EC Representation in Rome, Vice-President Antonio Tajani will call for the fast implementation of COSME and will invite Italian financial institutions to become partners of the programme. An effective partnership between EU institutions and market operators committed to providing enhanced access to finance for SMEs is a pre-condition for a successful roll-out of COSME financial instruments.
EU Access to Finance Day in Rome - keynote speakers:
Vice-President Antonio Tajani, European Commissioner for enterprise and industry; Flavio Zanonato, Italian Minister of Economic Development; Dario Scannapieco, Vice-President of the European Investment Bank; Luigi Federico Signorini, Vice-Director-General of the Bank of Italy; Giovanni Sabatini, Director-General of the Italian Banking Association; Aurelio Regina, Vice-President of Confindustria; and Richard Pelly, CEO of the European Investment Fund.
To register to attend this event, please contact:ENTR-SME-FINANCE-FORUM@ec.europa.eu